Hi All,
I own a place outright, purchased in 2005. My intention is to refinance the home and to rent it out as an investment property and potentially get tax benefits as I will now have interest repayments to offset my income.
I was told, or given some warnings that this is not legal, as the reason for me to refinance is to avoid tax.
Any advice? or feedback on this matter is much appreciated.
I own a place outright, purchased in 2005. My intention is to refinance the home and to rent it out as an investment property and potentially get tax benefits as I will now have interest repayments to offset my income.
I was told, or given some warnings that this is not legal, as the reason for me to refinance is to avoid tax.
Any advice? or feedback on this matter is much appreciated.